Malaysia: The KKMM is dedicated to the legalisation of Bitcoin (BTC) and NFT

The adoption of Bitcoin and other cryptocurrencies does not yet have the support of all members of the Malay government. While the Minister of Finance recently mentioned unfavourable feedback, his colleague from the Department of Communications voted in favour. Last but not least, he urged the executive to pursue the legalisation of bitcoin, cryptomonnaies, and NFTs.

The legalisation of bitcoin is a boon for young people.

Last week, a Harian Metro correspondent in Malaisie relayed information about the KKMM's bitcoin attitude. KKMM stands for Kementerian Komunikasi Dan Multimedia Malaysia, or Ministry of Communications and Multimedia in Malaysia (Malaysia).

Following this little linguistic adventure, we will provide you with critical information for this evening's festivities. As previously stated, Datuk Zahidi Zainul Abidin, Malaysia's Vice-Minister of Communications and Multimedia, has urged local regulators to legalise some cases of cryptomonnay and NFT use.

Young people, according to Zahidi, will be the first to benefit from such an effort. The legalisation of Bitcoin and NFT is in the works since they are the most permeable to this technology. Simultaneously, the KKMM intends to employ all available resources to encourage young people to join the cryptographic industry.

Who are the authorities in question?

Although the call was made to the Malay government as a whole, the legalisation of bitcoin and the regulation of cryptos is the responsibility of local financial regulators. The Malaysian Central Bank and the Securities Commission are two examples.

Zahidi, who sees cryptomonnaie as a "future commercial and financial programme, particularly for young people," explains:

« We hope that the government will try to legislate this issue so that we can increase the participation of young people in cryptomonnaies and help them with energy consumption and other issues. »

According to certain media reports, the KKMM does not want a partial legalisation of bitcoin, but rather a widespread use of cryptocurrency on legal grounds. This initiative aims to "assist the younger generation, which is an active user of cryptocurrency, particularly on non-fungible token (NFT) exchange platforms."

Le great argentier malaisien n'approuve pas of bitcoin legalisation.

Tengku Datuk Seri Zafrul Tengku Abdul Aziz, Malaysia's Finance Minister, took a stand against cryptomonnaies at the beginning of March. He believes that payments in bitcoin (BTC) or ethereum (ETH) are illegal in the country. These coins just do not have the same characteristics as the fiat in his eyes.

As a result, he criticises: « In general, digital assets are neither a good store of value or a means of exchange. This is owing to the fact that digital assets are subject to fluctuating price swings as a result of speculative investments, the risk of loss as a result of cyber-attacks, and a lack of evolution.

As a remedy, he suggests the central bank digital currency (CBDC), which the Bank Negara Malaysia is now investigating. Furthermore, the state has already committed to the development of blockchain-related projects, despite the fact that this has caused it to fall behind the demand of the digital asset industry.

In the case of bitcoin (BTC) legalisation, however, Honduras would be the next country to do so. He believes that by taking this step, they would be able to unite with Salvador, the first country to embrace bitcoin as legal tender in September 2021. « We cannot allow Salvador to be the only country to be free of the dollar's hegemony,' says Honduran President Xiomara Castro. When you're with us, you're free!

Source: Cointelegraph